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PUBLIC RECORD OFFICE
Reference -
TULIIT bum C.O. 882/12
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PUBLIC RECORD OFFICE, LONDON,
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C. 84556/31 [No. 59].
No. 15.
Telegram from the Governor of Mauritius to the Secretary of State for the Colonies.
(Received 8.48 a.m., 8th June, 1931.)
[Answered by No. 16.]
No. 71.
Confidential. 8th June. Your telegram No. 61.* Advances under Hurricane Loan. I consider it essential to retain provisions requiring prior assent of mortgagees. Proposal to (dispense with prior consent would arouse strong opposition and
would be severe blow to credit. My advisers entirely concur,
2. Following points have arisen on which I should be glad to receive your instructions: (a) will borrowers be given option of repaying in a shorter period than first arranged if they are in a position to do so? If so, on what basis should repayments be calculated?; (b) Executive Council consider that loans should be limited to owners at the time of the hurricane or their heirs. If estate is subsequently purchased new owner has suffered no damage. I agres and consider desirable that this view should be made public, otherwise mortgagees might be encouraged to refuse to consent to advance to present owners, foreclose and buy in estates with loan in view.
3. Assessment of damage to growing crops will present consider- able difficulty as condition of crops on individual properties prior to the hurricane cannot now be verified. It is suggested that the simplest method is to assume a general level of lose as maximum of say 20 per cent. or 25 per cent. or alternatively to assess a general level for each district and allow advances up to this on basis of last year's price of sugar in cases which present no obvious discrepancy with this estimate. Some owners would doubtless receive sun greater than actual loss sustained but as advance will be limited to a percentage of one crop and rank as first mortgage amount advanced is well secured. Attempt to investigate conditions of cultivation prior to the hurricane or to examine costs of cultivation on individual estates would lead to endless complications. Con- dition as to first rank mortgage will prevent excessive applications in most cases.
•
* No. 14.
C. 84556/31 [No. 60].
31
No. 16.
Telegram from the Secretary of State for the Colonies to the Governor of Mauritius.
(Sent 7.0 p.m., 9th June, 1981.)
No. 68. Confidential. Your telegram No. 71.* Paragraph 2 (a). Borrowers inay be given option as suggested. Repayment should be arranged in the first place by annuities as indicated in my telegram No. 38, varying with term of loan in case of 30 years term annuity should be 11 not 1 as stated in my telegram. If borrower wishes to repay earlier than originally arranged balance outstanding can be ascertained from tables or by calculation.
Paragraph 2(b). I agree.
Paragraph 3. General principle to be followed is that advances shall only be granted in respect of actual hurricane loss, but I realize the practical difficulties of accurate assessment and am content to leave method of assessment to you.-PASSFIELD.
C. 84556/31 [No. 63].
No. 17.
Telegram from the Governor of Mauritius to the Secretary of State for the Colonies.
22nd June, 1931.) p.m., [Answered by No. 19.]
No. 79.
(Received 3.51
22nd June.
Confidential. Your telegram No. 61.1 Following are proposed Official Members of the Loan Board : Colonial Secretary (Chairman), Procureur-General, Receiver- General, and Collector of Customs. Following Elected Mem- bers of the Council: Laurent, Montocchio; Nominated Mem- Fifth Member Marcel D'Unienville, bers: Brodie, Robinson. formerly Member of the Council, who acts as Government Valuer. It had been suggested that the Director of Agricul- ture and Registrar-General might be included, but on sideration it was agreed that their advice would be always
+ No. 14.
* No. 15.
† C. 84556/31 [No. 37] not printed.
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